This guide outlines the process for enabling Early Payment Access, which allows your customers to access incoming ACH credits before the official settlement date.
To offer this, you must maintain a dedicated Organization Reserve Account to cover the funds until they officially clear.
1. Bank Approval Process
Before technical implementation, your bank partner must review and approve your request.
You need to submit a formal request via your Monday.com board for the bank’s review.
The bank will take the following into consideration:
- Which specific deposit products will have this feature enabled.
- The minimum number of clearing days required before a payment is eligible for early access.
- Approval for Dynamic Clearing, which is a prerequisite for certain early access functionalities.
2. Financial Requirement
You must create and fund a "Early Access Reserve Account." These funds act as a buffer, ensuring the bank is protected while the customer enjoys immediate access to their pending deposits.
3. Technical Implementation Flow
Once approval is granted and the reserve account is funded, we will turn on the feature on the approved deposit account.
More Information here: https://www.unit.co/docs/received-payment-advance/
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